South Carolina Treasurer Curtis Loftis released a statement following the Attorney General’s Office’s issuance of an official position on the state’s pension system.
Loftis’ opinion has been that the accounting system used to calculate South Carolina’s pension system’s unfounded liability is reckless. He also believes the system deceives the public, and requested the Attorney General’s Office weigh in on the matter.
Its official opinion states that the “open amortization” method used by the S.C. Public Benefits Authority violates the constitution.
“I hope this independent legal opinion provided by our Attorney General’s Office will show once for all that our pension fund management system is a sham and a major scandal that threatens to bury our state in debt,” Loftis said.
Loftis said the state is in the process of trying to take away his custodial authority of the pension, which he believes affects voters because he is an elected official.
“I have been a thorn in their side,” Loftis said. “I know that, but someone has to do it. And now the people who are routinely breaking the law want to get rid of the whistleblower.”